'We object' - BUA industries opens up on alleged massive N198.7bn tax liability scandal

BUA Industries Limited, a subsidiary of BUA Group, has denied owing N198.7 billion in taxes.

The company reacted to an online publication on Thursday, November 2, 2023, that it owes an estimated N198.7 billion in taxes to the Federal Inland Revenue Service (FIRS) based on its alleged N1 trillion turnover in 2022.

BUA Industries denies N1 trillion turnover in 2022

The company said in a statement released on X, formerly Twitter, that the letter from FIRS dated September 19, 2023, was a routine inquiry.

BUA Industries said it never had an N1 trillion turnover in 2022, stating that the claim was absurd as its books remain open for scrutiny by other regulatory bodies.

The company said the article publication’s seven-day ultimatum is misleading because it was a timeframe given to respond to the inquiry and not to pay any debt.

It said: “BUA Industries Limited maintains a cordial and transparent relationship with regulatory bodies, including FIRS, and we are committed to adhering to all tax laws and other statutory obligations.

“The publication misrepresents the nature of the inquiry and the engagement between BUA Industries Limited and FIRS.”

BUA Cement to open a multibillion naira cement pant

Meanwhile, the Chairman of BUA Group, Abdul Samad Rabiu, has revealed that BUA Cement is set to inaugurate a multi-billion naira cement plant in Sokoto in January 2024.

Rabiu revealed the plan to inaugurate the plant during his visit to Sokoto State Governor Ahamd Aliyu on Wednesday, November 1, 2023.

The billionaire businessman said the company, which recently crashed the price of its cement in Nigeria, is working to get the plant ready for inauguration by then.

Rabiu told the governor that he had told President Bola Tinubu about the planned inauguration of the new plant during his visit to President Bola Tinubu on Tuesday, October 31, 2023, a BusinessDay report said.

He said he invited the president to be a special guest at the inauguration and stressed that BUA Cement in the state is the largest private entity with the largest workforce in the North-West.